Dogecoin Price Prediction: DOGE Poised to Skyrocket towards $8-$10, Here are the Key Levels to Watch

Dogecoin price has been on an upward trend in the past few weeks. The price has bounced back from the oversold region. The crypto is slowly regaining strength.

Dogecoin price has shown an uptick in the past few weeks. The crypto is slowly regaining strength. Past few weeks have seen Dogecoin move out of the oversold zone.

Technical analysis shows that the cryptocurrency is now entering a zone that is expected to show an upward trend. Past experience shows that once Dogecoin rises from the oversold territory it jumps to the overbought region indicating that demand and buying pressure has risen.

Technical analysts are expecting Dogecoin to trade at the $8-$10 price levels in the current market cycle.

This potential price increase is backed by the wider crypto market, as there has been a rise in confidence for meme coins.

Dogecoin price could have a parabolic rise, as the sentiment in the market becomes more positive.

However, experts note that corrections and consolidations may occur before the coin gets to the target levels.

Recent events that took place in Dogecoin have brought focus on the behavior of large investors again.

Among the most significant activities, there was the transfer of 870 thousand DOGE by a dormant whale. This wallet had not been used for over 11 years and was able to generate a 64,249% ROI.

While the transaction in itself was not accompanied by a drastic change in prices it is indicative of a change in perception among investors.

This is because such old wallets can be reactivated which is a sign of confidence in the market.

Furthermore, the big players, or ‘whales’, have been seen to be buying more DOGE when the price falls.

Statistics reveal that within the last one month, whales have purchased more than 550 million DOGE.

This accumulation trend is a major reason that backs the bullish prediction for Dogecoin, because it indicates that investors are confident in Dogecoin’s future.

Moreover, another analyst has highlighted the importance of key levels in Dogecoin’s long-term price targets.

The next key level that Dogecoin is targeting is $3 which is within reach if the coin maintains its upward trend from the recent decline.

A revival from the present prices can pave the way for substantial returns for investors, with some experts predicting a 634% increase.

For instance, in the most bullish case, Dogecoin was projected to appreciate to as high as $18.

However, this goal is considered to be more of a long term prospect, and it is contingent on market conditions and the sentiment of investors.

Nevertheless, the experts are expecting a big pull-back before reaching this higher price level. At press time, Dogecoin price was at $0.40, which is a 1% increase in the last 24 hours.

With a market capitalization of $59.33 Billion, the cryptocurrency has recorded a 24 hour trading volume increase of 69.75% which stands at $12.26 Billion.